Shares of Valeant Pharmaceuticals (NYSE:VRX) are higher after the company announced that it is offering $73 per share in cash, or about $7.5 billion, to acquire biotech company Cephalon (CEPH). Cephalon previously rejected Valeantís unsolicited takeover offer, prompting Valeant CEO J. Michael Pearson to now attempt a hostile takeover of the company. He believes that Cephalon is wasting money bringing new products to market, and instead sees value by selling off assets, cutting costs, paying down debt, and managing drug programs.
Shares of Valeant are higher by nine and three quarter percent.
Oxford Industries (NYSE:OXM) is trading higher today after the company said it anticipates fiscal 2011 earnings of $1.95 to $2.05 per share and provided a revenue forecast in a range of $725 million to $740 million, ahead of analyst expections. The company also expects first quarter earnings of 95 cents to $1.05 per share and revenue between $200 million and $210 million. In addition, the company declared a dividend of 13 cents.
The stock is higher by over 13 percent in afternoon trading.
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